Costco Earnings up in 4Q

Home Textiles Today Staff -- Home Textiles Today, 10/10/2011 2:00:00 AM

ISSAQUAH, WASH. - Costco Wholesale's profit jumped 10.6% during its recently concluded fourth quarter - falling just shy of expectations but marking the third straight quarter of strong growth.
     Net income for the quarter ended Aug. 28 was $478 million, or $1.08 per shared, compared to net income of $432 million, or 97 cents per share, during the year-ago period.
     Sales jumped 17% to $23.6 billion, with U.S. merchandise comps (excluding the impact of gasoline sales) up 6%.
     Net income for the fiscal year climbed 12.3% to $1.46 billion, or $3.30 per share.
     Sales rose 14% to $87 billion, with merchandise comps in the United States up 5%.